Specific Goals!

When I meet with someone for the first time about their business, I ask, what is their goal? Usually the answer is a smattering of life/work balance/ successful business/adequate funding. However, that is not very specific.

In the past week I’ve talked to several people. I’ve asked them all ‘how many hours they wanted to work on their business.’ Full time, they said. What do you consider full time? 20 hours, 40 hours and 45 hours were the answers.

Why such disparity?

Everyone uses the same generic language to describe their goals. However, the numbers behind those statements can vary widely.

Please, the next time that you work with a number cruncher be sure to exactly quantify what you mean by:

Successful

Double Sales

Increase 100%

Revenue Positive

Fully Staffed

Increase the Sales Funnel

Each of those terms can have widely variable actual numbers. Save yourself some time and give some specifics some to the profession. It does no good to have someone create a spreadsheet or model with non-specific goals. Populating the roadmap with some goals will help ensure the financial model is specific to your business.

Remember, if you are working with a consultant, you aren’t giving a speech at the local toastmasters. You are actually creating a business model that you be able to brag about at the toastmasters meeting.

Laura Dodson, CPA is a Seattle Financial Planning & Analysis consultant.She has attended Western Washington University, Pierce College and Bates Technical College. She has written four accounting instructional books. She has worked for small family businesses, mid-sized businesses and a Fortune 500 company.She founded and operated Blue Stone Accounting LLC for five years.She currently runs Paper Butterfly Forge LLC.